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RBC drops home mortgage rate6 g+ g) P; T2 }9 T6 \6 |1 A
Sep. 5, 2006. 12:45 PM
; K2 p0 v) a& ` k$ [ ^% tCANADIAN PRESS M+ k/ D& E2 ]' s8 ?
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! H6 ?2 M& J* Z" k& CRoyal Bank of Canada (TSX: RY) has cut long-term mortgage rates by up to a tenth of a point.) D0 m& `* Z* k
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Canada's biggest bank announced Tuesday it is reducing the posted rate on three-year to 10-year loans by a tenth of a point. The reductions are effective Wednesday.
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+ _, }7 ?3 |7 \4 ?8 X+ Q5 kAt the Royal, a three-year closed term falls to 6.5 per cent, while a five-year loan drops to 6.75 per cent and a seven year loan to 7.25 per cent.
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7 J4 c0 V3 z" v j! p5 t2 x H1 ~2 MThe cuts reflect the lower cost of borrowing in the bond market, where banks finance their mortgage loans. |
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